MARCUS BY GOLDMAN SACHS

Anonymous · ‎05-23-2020

Hello All

Applied back in December 2019 for a $3500 Marcus loan. I believe they pulled TU Fico 9 score of 726. At the time carrying 17% credit utilization with total balances around $7000 on cc's. Soft pull with options was presented with rates ranging from 10.5% to 12.5% based on term. Proceeded with app and hard pull on TU. Approved at 10.5% for $3500 with 36 month term. Additional .25% off using autopay. Funds received in 2 business days as I applied on a Saturday evening. They report to TU cra only. Funds used to payoff a 16.75% rate card and proceeds left over for holidays. One baddie showing November 2018 on rental mortgage. Isolated late and home was sold May 2019 so account showing closed. I have one other late reporting in 2014 on same mortgage but rest of credit is clean.

M_Smart007 · ‎05-23-2020

@Anonymous wrote:
Hello all
Applied back in December 2019 for a $3500 Marcus loan. I believe they pulled TU Fico 9 score of 726. At the time carrying 17% credit utilization with total balances around $7000 on cc's. Soft pull with options was presented with rates ranging from 10.5% to 12.5% based on term. Proceeded with app and hard pull on TU. Approved at 10.5% for $3500 with 36 month term. Additional .25% off using autopay. Funds received in 2 business days as I applied on a Saturday evening. They report to TU cra only. Funds used to payoff a 16.75% rate card and proceeds left over for holidays. One baddie showing November 2018 on rental mortgage. Isolated late and home was sold May 2019 so account showing closed. I have one other late reporting in 2014 on same mortgage but rest of credit is clean.

Congrats on your success!

And Welcome to myFICO forums

Anonymous · ‎05-23-2020

Been watching the boards for awhile and am still trying figure things out but a lot of useful info provided by everyone and I am grateful for this community. Thank you kindly!

M_Smart007 · ‎05-23-2020

@Anonymous wrote:
Been watching the boards for awhile and am still trying figure things out but a lot of useful info provided by everyone and I am grateful for this community. Thank you kindly!

You are welcome!

Yes, I haved learned so much, very greatful to be on the forum.

I would never be where I am at on my credit journey in a million years, without what I have learned here.

Anonymous · ‎05-26-2020

@Anonymous wrote:
Hello All
Applied back in December 2019 for a $3500 Marcus loan. I believe they pulled TU Fico 9 score of 726. At the time carrying 17% credit utilization with total balances around $7000 on cc's. Soft pull with options was presented with rates ranging from 10.5% to 12.5% based on term. Proceeded with app and hard pull on TU. Approved at 10.5% for $3500 with 36 month term. Additional .25% off using autopay. Funds received in 2 business days as I applied on a Saturday evening. They report to TU cra only. Funds used to payoff a 16.75% rate card and proceeds left over for holidays. One baddie showing November 2018 on rental mortgage. Isolated late and home was sold May 2019 so account showing closed. I have one other late reporting in 2014 on same mortgage but rest of credit is clean.

I apped for a loan from them a year or so ago with all 3 scores at or above 800 and no other debt except for a mortgage that was at about 50% of original balance (and has since been paid off) and a small installment loan at 75% of original balance (also since paid off). They TD very quickly. Funny thing is now that I don't need them or even want them, every couple of months I get an email from them asking me to re-app. No chance of that happening. My position is, if I'm not good enough for you when I need you, then I'm not good enough for you ever.

Anonymous · ‎05-26-2020

Hard to figure out. I have seen some folks advertise they were offered higher rates with scores higher than mine and one post mentioned an approval with a 640 score getting 13% ish rate. Typically risk based pricing would apply where score will dictate rate and term but not so sure with Marcus that is how it works. I'm sorry that you were not extended credit with such high scores. You could probably apply with another one of these companies like LightStream and get approved with those big scores you have. Again hard to gauge Marcus based on what I have read here. Best of luck to you!

Anonymous · ‎05-29-2020

@Anonymous wrote:
Hard to figure out. I have seen some folks advertise they were offered higher rates with scores higher than mine and one post mentioned an approval with a 640 score getting 13% ish rate. Typically risk based pricing would apply where score will dictate rate and term but not so sure with Marcus that is how it works. I'm sorry that you were not extended credit with such high scores. You could probably apply with another one of these companies like LightStream and get approved with those big scores you have. Again hard to gauge Marcus based on what I have read here. Best of luck to you!

I ended up going to American Express for the loan, which has since been paid off. Now that I have no debt and an income that is 3-4 times what I need, I don't need Marcus OR Goldman Sachs. What did Will Rogers say? - "A banker is a guy who will lend you money only when you can prove that you don't need a loan."

Anonymous · ‎07-04-2020

I just applied for one. Got the available options, I chose one and then it said to upload bank statements. Did you have to do this as well? It's saying pending verification. Im assuming it's approved pending the POI. Just can't find too much info on these loans. Thanks!

tcbofade · ‎07-04-2020

I've never dealt with Marcus, but I believe that you are correct, @Anonymous

As long as your POI and bank statements match whatever you put in your application, you should be fine.

Good luck!

04/01/24 Fico 8: EX 763, EQ 799, TU 783.
Fico 9: EX 756 03/13/24, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...

Anonymous · ‎07-04-2020

@Anonymous wrote:
I just applied for one. Got the available options, I chose one and then it said to upload bank statements. Did you have to do this as well? It's saying pending verification. Im assuming it's approved pending the POI. Just can't find too much info on these loans. Thanks!

I wasn't asked for any documentation. Are you self employed and perhaps less than 2 years? I was thinking they might be looking for proof of deposits if you have a business that has been in existence for a short period of time but Marcus wants to evaluate deposits to determine income and consistency . I'm speculating here.